The Woodlands is one of Texas’ premier master planned communities and is growing at an incredible rate both in terms of population and commercial development. Until a decade ago however, this was not the case in terms of commercial real estate. Up until 2006, apartment builders had no intention of getting involved in dense urban construction on The Woodlands Waterway. Fast forward seven years and the area is now as dense as any in Houston in terms of sustainable horizontal and vertical mixed-use development.
Experts say that demand is always far ahead of supply when it comes to office buildings in The Woodlands and some investors believe that the area is becoming the next Energy Corridor. The vice president of The Woodlands Development Company, Dan Leverett, believes that the initial strategy of planning and execution with slow growth at the beginning is the reason why the area is becoming so successful in the commercial real estate market.
We already mentioned that The Woodlands was in hot demand and an additional 2 million square feet of office space is being created. At this moment in time, the Class A vacancy rate in the area is just 2%, a startlingly low figure. Anadarko Petroleum is the biggest employer in The Woodlands and is creating a 550,000 square foot tower block.
Research Forest Lakeside is a planned development along Lake Woodlands and is built on 77 acres of land. It will provide 1.9 million square feet of office space with Talisman Energy Inc. already confirmed as one of the first occupiers. 3 Waterway Square is another Class A multi-tenant building and should be completed in 2013.
The Woodlands also welcomes more hotel growth with a new Hyatt Place hotel to be built at the corner of Research Forest Drive. New Horizons Hospitality Inc. is responsible for this new development and the company is also looking to renovate its existing Hilton Garden Inn hotel in The Woodlands Town Center. The organization is confident that the additional hotel and meeting rooms will be filled as it points out that there is an influx of Fortune 500 companies in the community. The renovation will cost $1 million and involves all 117 rooms.
At present, The Woodlands is America’s second largest planned community and continues to grow at an impressive rate. Its reputation as one of the most promising commercial real estate opportunities in the country is growing just as fast.
Image license: TheWoodlands.com (view source)
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